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Till labor cost do us part : on the long run convergence of EMU countries
Pancotto, Francesca; Pericoli, Filippo Maria - 2011
A sustainable long-run pattern in the relative competitiveness of euro area countries is a key factor for the survivorship of the monetary union. We analyze the issue focussing on unit labor cost dynamics using cointegration analysis for the whole economy and for the manufacturing sector...
Persistent link: https://www.econbiz.de/10011735051
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The global downturn and its impact on euro area exports and competitiveness
di Mauro, Filippo; Forster, Katrin; Lima, Ana - 2010
World trade contracted sharply in late 2008 and early 2009 following the deepening of the financial crisis in September 2008. This paper discusses the main mechanisms behind the global downturn in trade and its impact on euro area exports and competitiveness. It finds that the euro area was hit...
Persistent link: https://www.econbiz.de/10011606271
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Real Convergence in the Euro Area : A Long-Term Perspective
Diaz del Hoyo, Juan Luis - 2017
that of higher-income economies since the start of monetary union. The significant real convergence performance of some of … view” and reviewing the evidence since the 1960s, this paper shows that certain member countries began to face a “non-convergence … driving real convergence in the euro area over time, alongside other factors; and (ii) the crucial interaction of real …
Persistent link: https://www.econbiz.de/10012941989
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The Transition of China to Sustainable Growth – Implications for the Global Economy and the Euro Area
Dieppe, Alistair - 2018
China's rise has been the economic success story of the past four decades but economic growth has been slowing and domestic imbalances have widened. This paper analyses the recent evolution of China's imbalances, the risks they pose to the economic outlook and the potential impact of a...
Persistent link: https://www.econbiz.de/10012928882
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The reform and implementation of the Stability and Growth Pact
Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - 2006
Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...
Persistent link: https://www.econbiz.de/10011606199
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The use of the Eurosystem's monetary policy instruments and operational framework since 2009
Eser, Fabian; Carmona Amaro, Marta; Iacobelli, Stefano; … - 2012
This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and...
Persistent link: https://www.econbiz.de/10011606287
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The Size and Composition of Government Debt in the Euro Area
Hartwig Lojsch, Dagmar - 2011
This paper explains the various concepts of government debt in the euro area with particular emphasis on its size and composition. In terms of size, the paper focuses on different definitions that are in use, in particular the concept of gross general government debt used in the surveillance of...
Persistent link: https://www.econbiz.de/10013120240
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Euro Area Time Varying Fiscal Sustainability
Afonso, António - 2015
We assess the time varying features of fiscal sustainability in the euro area via revisiting the empirical relationship between the primary budget surplus and the debt-to-GDP ratio. Focusing on a sample of 11 Euro-area countries between 1999Q1 and 2013Q4 and by means of time series analyses, we...
Persistent link: https://www.econbiz.de/10013015514
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A Fiscal Capacity for the Euro Area : Lessons from Existing Fiscal-Federal Systems
Burriel, Pablo - 2020
After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems,...
Persistent link: https://www.econbiz.de/10012837540
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The Reform and Implementation of the Stability and Growth Pact
Morris, Richard - 2006
Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...
Persistent link: https://www.econbiz.de/10012783673